Baghdasarov Sold The Bank And Will Buy Another


Lragir, Armenia
July 27 2007

The former owner of Armsavingsbank, Russia-based businessman Mikhail
Baghdasarov stated in a news conference on July 27 when he sold
70 percent of shares to the Russian VTB bank, they agreed to sell
the other 30 percent later, which he did on July 25. Besides, the
depreciation of the dollar made Baghdasarov sell his shares to VTB,
as well as his disapproval of the policy of the bank.

After selling his 30 percent of shares Mikhail Baghdasarov noticed
that the new leadership of the bank launched reforms, which he thinks
is on the right track. Mikhail Baghdasarov is likely to help the bank
and to keep the accounts of his companies in the bank. "It will be
good for the bank." Today we are not in the banking sector but it
does not mean we will not buy a bank later, Mikhail Baghdasarov stated.